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October 29, 2002 - 12,216 subscribers
Today's sponsor: WorldatWork

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   Our Bookstore now carries books published by WorldatWork!

   WorldatWork, the professional association for compensation,
   benefits and total rewards professionals, now has more than 30
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Which Providers Have the Best Diversification & Participation Rate?
5 pages. Excerpt: "Many HR/benefits managers still worry about the level of employee participation and diversification of assets in their 401(k) plans. Despite their best efforts, these two important benchmarks often lag. So when looking at providers, these two statistics-- at least on an average basis-- should be on your radar screen.' For subscription information, see http://www.ioma.com/products/prod_detail.php?prodid=5 (IOMA's Managing Benefits Plans)

Opinion: Administration's Straw Men Don't Solve Retirement Risk
Excerpt: "[T]he real problem with the nation's retirement income system is that it now depends to a great extent on workers' assuming all the risks -- the risks of poor investment choices, the risks of market or economic downturns, the risks of outliving their money. Meaningful reforms would involve moving some of these risks back to employers, who are much better equipped to handle them." (Albert Crenshaw in the Washington Post)

2002 Midyear Report of Subcommittee on Corporate Plan Terminations and Benefit Insurance
6 pages. Discusses recent case law on PBGC guaranteed benefits and liability to PBGC upon plan termination; also discusses PBGC penalty regulations. (ABA Section of Labor and Employment Law, Employee Benefits Subcommittee)

Partial Rollover from Plan Doesn't Preclude NUA Treatment on Stock That's Not Rolled Over (PDF)
5 pages; PLR 200242052 (July 30, 2002). Excerpt: "Neither the Code nor Income Tax Regulations promulgated thereunder, preclude a distribution from being treated as a lump sum distribution under Code section 402(e)(4)(D) for purposes of Code section 402(e)(4)(B) even if a portion of the distribution is rolled over into the Trust attached to another qualified plan." (Internal Revenue Service)

How to Choose: 401 (k) Advice or Education?
Excerpt: "Although the vast majority of employers with 401(k) plans offer investment education, only about one in five offers investment advice, according to a recent Profit Sharing/401(k) Council of America survey. Almost all of those that do not offer advice cite fiduciary concern about liability that results in losses as the reason." (Workforce.com)

Old-Fashioned Defined Benefit Pension Plans Draw New Interest
Excerpt: "Doing it yourself doesn't always get it done. While self-directed 401(k) retirement plans have gained in popularity over the past decade, 44 million Americans still participate in traditional defined-benefit pension plans with guaranteed benefits. Three-hundred forty-six of the Standard & Poor's 500 companies offer them." (Chicago Tribune; free registration required)

California Governor Signs Bill Mandating Disclosure of 403(b) Fees
Excerpt: "California Governor Gray Davis signed AB 2506 into law Sunday, September 29, 2002. The bill establishes a registration process for vendors offering 403(b) retirement investment products to employees of local school districts, community college districts and county offices of education in California. As part of the registration process, which is set to be in place by 2004, vendors are to disclose all fees and surrender charges." (403bWise.com)



Links to Items on Executive Comp, Benefits in General

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2002 Midyear Report of Subcommittee on Criminal Enforcement of ERISA
10 pages; originally published February 2002. Discusses recent case law on embezzlement and civil RICO actions. (ABA Section of Labor and Employment Law, Employee Benefits Subcommittee)

Opinion: Bush Doesn't Really Care About Reforms
Excerpt: "It also is discouraging that the SEC has rejected the near-universal choice of reformers -- including many of those on Wall Street -- to head a new oversight board of the accounting industry. The SEC passed over John Biggs, the head of a large pension system, after pressure was placed on the agency by the White House, top Republicans and the accounting industry -- they all worried Biggs would be too tough." (Las Vegas Sun)

Opinion: AT&T Employees Get Shortchanged in Stock Option Repurchase Offer
Excerpt: "If you put a quarter in a pay phone, get a busy signal, hang up and then get 15 cents back, you would be irritated. Yet that is exactly the way that AT&T Corp. is treating its own employees as it offers them the equivalent of free shares in exchange for underwater stock options." (Graef Crystal on Bloomberg.com)




Newly Posted or Renewed Job Openings - Post a Help Wanted Ad

Vice President, Human Resource Planning
for Top Global Public Relations Firm - NYC
in NY

Actuarial Benefit Consultant
for Fidelity Investments
in MA

Assistant Actuary Health & Welfare
for Buck Consultants
in CA

Senior Benefit Specialist Health & Welfare
for Buck Consultants
in CA

Benefits Manager
for The Owens Group, Inc.
in SC

Health & Welfare Manager
for Company Withheld
in NY

Inside Phone Sales Rep
for Metavante 401(k) Services
in CA

Senior Compliance Advisor
for Minnesota Life Insurance Company
in MN


Newly Posted Conferences (Post Yours!)

ERISA Workshop -- 1 day workshop (8:30 am - 4:30 pm--lunch included)
in MI
October 31, 2002
SunGard Corbel

ERISA Workshop -- 1 day workshop (8:30 am - 4:30 pm--lunch included)
in MI
November 1, 2002
SunGard Corbel

ERISA Workshop -- 1 day workshop (8:30 am - 4:30 pm--lunch included)
in FL
November 7, 2002
SunGard Corbel

ERISA Workshop -- 1 day workshop (8:30 am - 4:30 pm--lunch included)
in WI
November 7, 2002
SunGard Corbel

ERISA Workshop -- 1 day workshop (8:30 am - 4:30 pm--lunch included)
in WI
November 8, 2002
SunGard Corbel

ERISA Workshop -- 1 day workshop (8:30 am - 4:30 pm--lunch included)
in FL
November 8, 2002
SunGard Corbel


Newly Posted Press Releases (Post Yours!)

Tony Allred and Al Mathews establish Abacus Retirement Solutions, LLC
(Abacus Retirement Solutions, LLC)

EXPERTPLAN CLOSES $4.35 MILLION FUNDING ROUND
(ExpertPlan)

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